“We all know that the first year or two of a business is tough and we want to improve an owner’s chance for success,” said Leslie Barber, Small Business Engagement Officer at Intuit. “We created this resource as an engaging, practical guide to help new business owners launch their journeys on the right foot and set them up for success.”
Frustrations Faced by Startup Business Owners
A new survey conducted by Qualtrics on behalf of Intuit in October of 2015 highlights the range of challenges that come with starting a business. The survey, which focused on aspiring business owners and those in business less than one year found that:
- 68 percent say they wish they had more guidance about how to start a new business.
- 60 percent say it is hard to figure out the steps needed to start a new business.
- 56 percent say starting a business is confusing.
An earlier Intuit study found that:
- The majority (64 percent) of small business owners start with less than $10,000.
- The primary source of funding for three quarters (75 percent) of small business owners is their own personal savings.
- 68 percent of business owners say the first year is either the most, or more difficult than most years.
Intuit is working to serve these market segments and address the problems of confusion and uncertainty by providing them with a customizable checklist that can alleviate some of the pains newly launched business owners feel. By putting the right tools and resources in front of these business owners, Inuit helps small businesses innovate and grow, helping America’s small businesses overcome challenges and transform $10K into a successful venture.
“It’s extremely valuable. Everything on the resource is so useful and is exactly what someone just starting up needs to look at,” said Christine Lindgren, owner of small business, Fresh Coat of Horsham, which launched in April of 2015. “I really wish that I had a resource like this when I was first starting my business because things that took me weeks to figure out I could have handled in a day.”
A Step-by-Step Guide
This resource guides entrepreneurs through six key areas needed to launch and run a business. By answering the questions and following the prompts, an entrepreneur will go through a checklist of items and be pointed to a number of service and solution providers in the small business ecosystem including those available through QuickBooks Online. The six key areas include:
Setting Up: This section helps entrepreneurs to determine the legal entities and requirements needed to set up and run their businesses.
Getting Paid: Whether looking for mobile, cash register, invoicing, ecommerce or other point of sale solutions, this section shows future small business owners how they can get paid quickly and manage their cash flow.
Creating a Website: From launching a functional ecommerce experience to creating a brand’s web presence, this section showcases various tools available to entrepreneurs to establish their businesses’ Web footprints.
Doing Accounting: Whether you want to connect with a professional accountant or track your income and expenses on your own or with software, this section outlines various services and products small business owners can use to effectively run their accounting systems.
Hiring Employees: From running payroll to W2s and posting Labor Law posters, this portion of the tool provides would be small business owners with the ins and outs to hiring and managing employees.
Getting Advice: Still have more questions? Need to talk to a professional accountant, lawyer or other industry expert? This section shows entrepreneurs where they can turn for advice.
To see how the tool works, please visit http://quickbooks.intuit.com/r/how-to-start-a-business/.
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About Intuit Inc.
Intuit Inc. creates business and financial management solutions that simplify the business of life for small businesses, consumers and accounting professionals.
Its flagship products and services include QuickBooks® and TurboTax®, which make it easier to manage small businesses and tax preparation and filing. Mint.com provides a fresh, easy and intelligent way for people to manage their money while ProSeries® and Lacerte® are Intuit’s leading tax preparation offerings for professional accountants.
Founded in 1983, Intuit had revenue of $4.2 billion in its fiscal year 2015. The company has approximately 7,700 employees with major offices in the United States, Canada, the United Kingdom, India and other locations. More information can be found atwww.intuit.com.